Luminus funds adjust Battalion Oil (BATL) holdings via 5.2M-share in-kind distribution
Filing Impact
Filing Sentiment
Form Type
4/A
Rhea-AI Filing Summary
Battalion Oil Corp major holder restructures indirect holdings for certain fund investors. Luminus Energy Partners Master Fund, Ltd. reported an "other" transaction involving 379,559 shares of Battalion common stock on April 2, 2026, as part of a broader 5,200,000-share in-kind distribution among its feeder funds and affiliates. A portion of these shares, called Segregated Shares, is held by the Master Fund for the benefit of non-responding certificate holders, over which it retains voting and disposition power but no economic interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
LUMINUS MANAGEMENT LLC, Luminus Energy Partners Master Fund, Ltd., Barrett Jonathan Dan
Role
null | null | null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 379,559 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 1,626,949 shares (Indirect, See Footnote)
Footnotes (1)
- As previously disclosed, on March 24, 2026, Luminus Energy Partners Master Fund, Ltd. ("Master Fund") effected a distribution in kind of 5,200,000 shares (the "Shares") of common stock of the Issuer in the aggregate to: (i) its two feeder funds, Luminus Energy Partners QP, LP, a Delaware limited partnership ("LEP Onshore"), which received 2,117,138 Shares, and LEP Offshore (through LILP, an intermediary entity which received 2,641,190 Shares); and (ii) two affiliates that have economic interests in the Master Fund, namely LCP Onshore, which received 391,694 Shares, and LCP Offshore, which received 91,930 Shares. Each of the Funds had issued illiquid certificates to their respective investors on April 1, 2020. In connection with the distribution in kind, the Manager planned to distribute 5,200,000 shares of common stock. As Certificate Holders entitled to receive 1,145,542 shares of common stock (the "Segregated Shares") in the aggregate did not either (i) respond or provide the requisite information to the Fund's administrator and the Manager to receive the Segregated Shares, (ii) were unable to accept delivery of the Segregated Shares or (iii) chose not to participate in the distribution (such Certificate Holders being referred to as the "Non Returners"), the Master Fund continues to hold the Segregated Shares and retains both voting and disposition power over the Segregated Shares. The Master Fund, however, has no economic interest in the Segregated Shares as the Master Fund is holding the Segregated Shares for the benefit of the Non Returners. On April 2, 2026, the Master Fund distributed 379,559 shares of common stock to certain Non Returners who provided their information. The Master Fund can, in its discretion, sell the Segregated Shares on behalf of the Non Returners and/or make one or more distribution in kind of the Segregated Shares to the Non Returners who provide their requisite information. Shares reported herein are held by the Master Fund for which Luminus Management, LLC serves as the investment manager. Jonathan Barrett is the ultimate beneficial owner of Luminus Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
Key Figures
Restructuring transaction size: 379,559 shares
Shares after transaction: 1,626,949 shares
Initial in-kind distribution: 5,200,000 shares
+5 more
8 metrics
Restructuring transaction size
379,559 shares
Other transaction on April 2, 2026, reported by Master Fund
Shares after transaction
1,626,949 shares
Total indirect holdings following the April 2, 2026 transaction
Initial in-kind distribution
5,200,000 shares
Distribution in kind of common stock on March 24, 2026
Segregated Shares total
1,145,542 shares
Shares allocated to non-responding certificate holders
LEP Onshore allocation
2,117,138 shares
Portion of in-kind distribution received by LEP Onshore
LILP intermediary allocation
2,641,190 shares
Portion of in-kind distribution received through LILP for LEP Offshore
LCP Onshore allocation
391,694 shares
Shares received by LCP Onshore in the in-kind distribution
LCP Offshore allocation
91,930 shares
Shares received by LCP Offshore in the in-kind distribution
Key Terms
distribution in kind, Segregated Shares, Non Returners, pecuniary interest, +1 more
5 terms
distribution in kind financial
"effected a distribution in kind of 5,200,000 shares (the "Shares") of common stock"
Non Returners financial
"such Certificate Holders being referred to as the "Non Returners""
pecuniary interest financial
"disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein"
beneficial ownership financial
"Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
What did Luminus report in this Form 4/A for BATL?
Luminus Energy Partners Master Fund, Ltd. reported an "other" transaction involving 379,559 shares of Battalion Oil Corp common stock on April 2, 2026, tied to an in-kind distribution for certain fund investors rather than a straightforward market purchase or sale.
Is the BATL Form 4/A transaction a typical buy or sell in the market?
No. The Form 4/A classifies the event under code J, meaning "other acquisition or disposition." It reflects internal fund distributions and management of Segregated Shares for certain investors, rather than an open-market purchase or sale of Battalion Oil stock.